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Saturday, September 10, 2016 10:40:01 AM
Peek Into Crude Oil Future Through Futures
* September 10, 2016
The following are futures positions of non-commercials as of September 6, 2016.
Crude oil: Support at $43-$43.50 on spot West Texas Intermediate crude was defended last week. It feebly built on that this week.
News quoting a National Iranian Oil Co. official that Iran can raise daily production to four million barrels in two to three months from the current 3.8 million barrels was passed over. Traders in particular focused on the EIA data.
In the week ended September 2nd, crude stocks fell 14.5 million barrels to 511.4 million barrels. This was the lowest since February 19th this year.
Gasoline stocks dropped by 4.2 million barrels to 227.8 million barrels – the lowest since December 25th last year.
Crude production declined by 30,000 barrels per day to 8.46 million b/d. Production peaked at 9.61 mb/d in the June 5th week last year.
Crude imports fell by 1.8 mb/d to 7.07 mb/d – the lowest since November 13th last year.
Refinery utilization rose nine-tenths of a point to 93.7 percent – the highest since November 27th last year.
The only negative data point was distillate inventory, which rose by 3.4 million barrels to 158.1 million barrels.
Spot WTI rallied 3.2 percent for the week. The EIA data was probably influenced by Hermine, so oil in all likelihood may find it difficult to maintain recent momentum.
Currently net long 298.3k, down 61k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-60/
• DiscoverGold
Click on "In reply to", for Authors past commentaries.
* September 10, 2016
The following are futures positions of non-commercials as of September 6, 2016.
Crude oil: Support at $43-$43.50 on spot West Texas Intermediate crude was defended last week. It feebly built on that this week.
News quoting a National Iranian Oil Co. official that Iran can raise daily production to four million barrels in two to three months from the current 3.8 million barrels was passed over. Traders in particular focused on the EIA data.
In the week ended September 2nd, crude stocks fell 14.5 million barrels to 511.4 million barrels. This was the lowest since February 19th this year.
Gasoline stocks dropped by 4.2 million barrels to 227.8 million barrels – the lowest since December 25th last year.
Crude production declined by 30,000 barrels per day to 8.46 million b/d. Production peaked at 9.61 mb/d in the June 5th week last year.
Crude imports fell by 1.8 mb/d to 7.07 mb/d – the lowest since November 13th last year.
Refinery utilization rose nine-tenths of a point to 93.7 percent – the highest since November 27th last year.
The only negative data point was distillate inventory, which rose by 3.4 million barrels to 158.1 million barrels.
Spot WTI rallied 3.2 percent for the week. The EIA data was probably influenced by Hermine, so oil in all likelihood may find it difficult to maintain recent momentum.
Currently net long 298.3k, down 61k.
http://www.hedgopia.com/cot-peek-into-future-through-futures-60/
• DiscoverGold
Click on "In reply to", for Authors past commentaries.
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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